Motorists may see a sharp rollback in gasoline prices but pay more for diesel next week, as global supply conditions continue to push fuel prices in opposite directions.
Jetti Petroleum president Leo Bellas said Friday, Oct. 16, that diesel prices could increase by P0.20 to P0.40 per liter, while gasoline prices may drop by P4 to P4.20 per liter, based on price and foreign exchange developments as of Thursday.
The projected adjustments would reverse the pattern of the previous week, when diesel prices declined while gasoline prices increased.
Bellas attributed the expected diesel price hike to persistently low global inventories, although the prospect of additional supplies from Russia and the release of diesel stocks by G7 nations could limit the increase.
He said uncertainty remained over whether a reported US-Russia diesel deal would deliver a meaningful boost to global supply.
Gasoline prices, meanwhile, could ease as supply concerns in Asia subside and more refineries resume operations after scheduled maintenance, improving gasoline availability.
“Heightened supply concerns, as shipping disruptions in the Strait of Hormuz and attacks by Houthis on Saudi Arabia continue, have caused oil to rise,” Bellas said.
However, increased oil flows from the Gulf, higher Russian output and emergency stock releases have helped contain price increases. Possible easing of US restrictions on sanctioned vessels could also reduce shipping costs, he added.
The projected price changes remain estimates based on developments in global oil markets and foreign exchange rates.
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